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As per Section 40A(3) of Income Tax Act , if payment for any expenditure of over Rs.10,000 is made in cash, then the expenditure will be disallowed under the Income Tax Act. Hence, it is important for all taxpayers to make any payment for the expense over Rs.10,000 through banking channels like debit card, account transfer, cheque or demand draft.     Cash Transaction Limit – Section 269ST The Finance Act 2017, took various measures to restrain black money and as an outcome of these measures, a new Section 269ST was inserted in the Income Tax Act. Section 269ST imposed restriction on a cash transaction and limited it to Rs.2 Lakhs per day. Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more:

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    We are a well recognized Tax Consultant , Tax Audit Consultant, Company Audit Consultant and Trust Audit Consultant. Providing consultations and services in Company Law Matters also. Our services are customized in accordance to your specific requirements. We assist you from the very initial processes of company establishment to company maintenance.



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